UBM and ARE: joint real estate project developments in Vienna and Munich
UBM Development, a leading European real estate developer, and ARE Austrian Real Estate GmbH, a subsidiary of Bundesimmobiliengesellschaft (BIG) specializing in office and residential properties, are jointly developing part of the Aspang area in Vienna’s 3rd district, and a project area in Munich-Moosach. This cooperation is taking place as a joint venture in Austria and in Germany through mutual shareholdings in the project companies that own the properties. On almost 14,000m² in Vienna, and almost 28,000m² in Munich, these projects will create a mixed-use zone with apartments, shops, and offices.
The transaction is subject to merger control clearance by the competition authorities, and is expected to be completed by mid 2020.
Eisenberger & Herzog advised the UBM Group, under the direction of partner Dr. Alric A. Ofenheimer. UBM was advised on German law by the GSK Stockmann team, led by partners Dr. Michael Stobbe and Dr. Olaf Schmechel.
ARE Austrian Real Estate was advised by DORDA Rechtsanwälte, under the direction of partner MMag Stefan Artner. In Germany, Hogan Lovells advised ARE, led by Partner Martin Günther.
“The unique challenge was to legally secure the long-term cooperation of the project partners in a mirror image fashion, taking into account the national particularities of both jurisdictions. Thanks to the excellent cooperation of all parties involved, we were able to establish a complex contractual basis for the work quite quickly. We are pleased to have advised UBM on yet another successful transaction,” said Dr. Alric A. Ofenheimer.
“I would like to thank everyone involved, especially in the current Corona situation, for their flexibility and cooperation. We have been advising ARE Austria Real Estate GmbH for many years, and are pleased that we were able to successfully negotiate and implement this multinational transaction with our long-standing client,” said MMag. Stefan Artner.
“Our collaboration with Dorda continues to flourish – this time under Dorda’s leadership. The general conditions were complex because of the jurisdictions involved, the special features of the projects in two countries, and extensive corporate law aspects that had to be taken into account,” said Martin Günther, partner Hogan Lovells.
Dr. Michael Stobbe explains: “For the sustained cooperation of the project partners, we were able to develop provisions for a variety of future scenarios of project development, in coordination with all parties involved. It was particularly complex to integrate potential developments in construction law into the transaction and joint venture. We are pleased that, together with Eisenberger & Herzog, we were able to provide legal support to the UBM Group for this milestone achieved with ARE. “
Advisors to UBM
Eisenberger & Herzog (Austria): Alric A. Ofenheimer (partner, corporate law/M&A, real estate law), Clemens Lanschützer (partner, corporate law/M&A, real estate law), Judith Feldner (partner, antitrust law), Helena Neuner (associate, corporate law/M&A, real estate law), Joseph Moser (associate, real estate law), and Sophie Bara (associate, antitrust law)
GSK Stockmann (Germany): Michael Stobbe (partner, corporate Law/M&A), Olaf Schmechel (partner, real estate law), Jennifer Bierly (partner, corporate law/M&A), Mark Butt (partner, public law), and Wolfgang Jegodka (counsel, antitrust law)
Advisors to ARE
DORDA: Stefan Artner (partner, M&A, real estate business law), Heinrich Kühnert (partner, antitrust law), Julia Berent (attorney, corporate law), Marie-Luise Pugl (attorney, real estate and construction law, corporate law), Caroline Lessky (associate, real estate and landlord and tenant law, M&A, corporate law), and Lisa Todeschini (associate, antitrust law)
Hogan Lovells (Munich): Martin Günther (partner, real estate law), Dr. Tim Hinrichsen (associate, real estate law), Dr. Nikolas Zirngibl (partner, corporate law/M&A), Dr. Tobias Kahnert (counsel, corporate law/M&A), Dr. Christoph Wünschmann (partner, antitrust law)